Accenture launches advanced analytics apps to tackle fraud and abuse

fraud detection

Accenture is launching seven advanced analytics applications to help enterprise organisations move faster to detect and remediate the fraud and abuse leading to losses that can seriously erode their bottom lines.

The applications, designed specifically for banks, telecommunications companies, government agencies and manufacturers, provide organisations with visualisations that deliver tailored analytics insights that enable data-driven decisions on strategies to address fraudulent activity.

“As fraudulent behaviour can come in many different forms and morph quickly to stay under the radar, organisations across industries are seeking solutions that can help them to quickly identify and reduce this activity to decrease losses,” said Kieran Towey, managing director, Accenture Analytics.

“Recognising the need for speed, Accenture’s new analytics applications can be ready for use in as little as a few weeks, informing more effective actions that can eliminate risky activities straightaway. The faster we can help our clients to find fraudulent and abusive activity, the faster the steps can be taken to end it,” he said.

Banks will profit from early warnings and trade surveillance. Data on transactions such as loans and mortgages are monitored to identify potential non-payers and potentially risky customer credit activity. Big data technologies, advanced analytics and text mining algorithms are used on data from internal text and voice data to social media data to identify unusual or potentially risky or illicit trading patterns.

Government agencies will benefit from audit operations efficiency, revenue fraud prediction and spend optimiser. End-to-end audit processes are optimised using advanced analytics tools to detect fraudulent and non-compliant refund claims, increase the efficiency of auditor case selections and maximise savings. Audit managers gain increased insights into the operations and KPIs of their analytics tools to improve value-added tax fraud detection. Insights are gained into procurement activities to identify fraudulent or collusive activities.

Telecommunications companies will gain advantage from predictive fraud detection, which detects the likelihood of fraudulent behaviour by analysing internal company and external data to determine the risk factors and levels associated with each customer.

Manufacturers will be assisted by warranty analytics that estimate the probability of suspicious warranty activity involving claimants or authorised agents. The application provides insights into warranty issues and offers prioritised actions to solve them.

The new applications join Accenture’s existing suite of fraud management apps for other industry sectors: Claims Fraud for insurance companies; Fraud Detection for retailers; and Energy Fraud Detection and Credit Collection for resource industries including energy and utilities companies.